The Nigerian Upstream Petroleum Regulatory Commission has recorded official petroleum reserves of 37.28 billion barrels of crude oil and condensate, along with 210.54 trillion cubic feet of natural gas.
The Commission’s Chief Executive, Gbenga Komolafe, announced that as of January 1, 2025, Nigeria’s proven crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels, respectively.
In the gas sector, associated gas reserves total 101.03 TCF, and non-associated gas reserves total 109.51 TCF, amounting to a combined total of 210.54 TCF.
According to him, “Against the foregoing, I am pleased to present an overview of the nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025, as follows: 2P crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels, respectively, totaling 37.28 billion barrels.
“2P associated gas and non-associated gas reserves stand at 101.03 trillion cubic feet and 109.51 TCF, respectively, resulting in total gas reserves of 210.54 TCF.”
He added that the NUPRC is committed to expanding the hydrocarbon base, increasing production, and ensuring sustainability.
The Reserves Life Index is 64 years for oil and 93 years for gas, indicating Nigeria’s potential to remain a key player in the global energy market.
This reflects the Commission’s Regulatory Action Plan for 2024, which focuses on ramping up exploration, enhancing upstream investment, and unlocking value from Nigeria’s energy resources.
Key priorities include boosting the efficiency of the upstream sector, increasing reserves, and ensuring sustainable production for shared prosperity.
“Given the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i), (k), (m), (a), (r), and other powers enabling me in this respect, I, Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the total oil and condensate reserves of 37.28 billion barrels and total gas reserves of 210.54 trillion cubic feet as the official National Petroleum Reserves Position as of January 1, 2025,” the statement concluded.
